Economy

Industrial production climbs 0.3% in September in face of hurricane headwinds

Industrial production climbs 0.3% in September in face of hurricane headwinds”

Washington, DC, October 17, 2017-Industrial production rose 0.3% in September.

Mining output also climbed by 0.4% in September after slipping by 0.2% in August, while manufacturing output inched up by 0.1% following a 0.2% dip in the previous month.

Meanwhile, increased by a seasonally adjusted 0.1% last month, also in line with forecasts and following the 0.2% drop registered in August that was revised upwards from an initial decline of 0.3%.

Capacity utilization in the manufacturing sector was unchanged at 75.1%, while capacity utilization in the mining sector inched up to 83.5% and capacity utilization in the utilities sector rose to 74.8%.

Output at United States factories rebounded in September after August's steep plunge from the effects of Hurricane Harvey, the Federal Reserve reported Tuesday.

Production of consumer goods and business equipment both bounced back afetr falling in August, rising by 0.5% and 0.8% on the month, respectively. The gained 19 points, or 0.08%, the slipped 2 points, or 0.09%, while the edged down 8 points, or 0.12%. A pair of major storms that swept through the region from Texas to Florida held down production by about 0.25 percentage points, the Federal Reserve said. And for the quarter, industrial production declined at an annual rate of 1.5 percent.

Excluding the effects of the hurricanes, the index would have risen by "at least" 0.5 percent, according the Fed.

Big picture: The economy was stunted briefly by hurricanes Irma and Harvey, but recent evidence suggests most of the damage has been undone.



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